The “Big Bang” in the City has claimed another estate agent — Abaco Investments, the financial services and property group founded on the bones of the Greencoat Properties business, is paying £6.2m for Bridgers, the agency which has 25 offices in Surrey, Sussex and Hampshire.
The deal is being financed through an issue of shares. Messels has agreed to place the 24m new shares being issued to the vendors, and British & Commonwealth Shipping and Canada Life are taking 3.95m and 3.09m respectively, bringing their stakes in Abaco to 11.3% and 12.9% respectively.
Abaco chief executive Peter Goldie said that the group would expand by acquiring other estate agencies or opening new offices as opportunities arise. The plan is to offer Abaco’s range of personal financial services through the retail estate agency network.
Mr Goldie said the deal had been struck against fierce competition. “There is almost a stampede to acquire estate agencies.”
Abaco is reporting pre-tax profits of £151,000 (loss £39,000) for the six months to December 31 1985. There is an interim dividend of 0.05p (against zero).
The profit comprises a surplus on financial services of £261,000 (£131,000) and property development losses of £110,000 (£170,000).
